Thank you all for the replies. I appreciate the help. Basically my step father who is of no legal relation to me has rental property. He had a property that needed to be remodeled before it was suitable to rent. He allowed me to repair it and get it ready to be rented with the agreement I would control that property going forward. He is going to let me manage that property and retain any income from it. I finished up the remodel in Sept 2019. Rented it in Oct 2019 and it has remained rented since. I have taken rent for Oct,Nov,Dec of 2019. I know this is an uncommon situation. At some point he is going to put the deed to the property over into my name but for now it is still currently owned by him. So first, this is my first time filing taxes with rental income so that part is new to me. Second, the expenses to remodel the property are over what I have made in the 3 months of rent for 2019. Now, I will come out ahead with profit in 2020 and going forward. It threw me off when I tried to put in my income for this under rental and the first question was "income on a property you own". I could go ahead and click that I own it and proceed with the income amount and whatever questions after and I assume just skip any depreciation areas since I don't technically own it? Also I wasn't sure how/where to put in my expenses which actually exceed the income from it on the first partial year. Would that just zero out my income on it for 2019 and then the leftover expenses would apply to the income next year? Again thank you for all the help and suggestions. I appreciate it.
